A bill to amend 1967 PA 281, entitled “Income tax act of 1967,” by amending sections 605 and 680 (MCL 206.605 and 206.680), section 605 as amended by 2011 PA 307 and section 680 as amended by 2019 PA 92, and by adding section 670; and to repeal acts and parts of acts.
House Bills 5292 through 5297 collectively overhaul Michigan’s economic development and fiscal framework by phasing out legacy business tax credits and repealing the Michigan Business Tax, creating a targeted high-wage job credit, restructuring state trust funds, tightening Administrative Board oversight, reallocating income tax revenues to boost neighborhood road funding and community development, and expanding transparency and reporting requirements for economic development programs, all contingent on related legislation.
Introduced
by
Referred to the Committee on Finance
